Wednesday, August 5, 2020

Bill Filed to Make Audited Financial Statements Public by Dec. 1

By on April 3, 2016

SAN JUAN – A group of New Progressive Party (NPP) representatives has filed a measure requiring the Treasury secretary to publish the Comprehensive Annual Financial Reports (CAFR) of the Government of Puerto Rico by Dec. 1 every year.

House Bill 2842 would add a new subsection to Article 5 of Act 230 of July 23, 1974, changing the report’s current publication date from May to December after the fiscal year, which ends June 30.

El_Capitolio_de_Puerto_RicoThe measure was authored by former House Speaker José Aponte Hernández, along with Ángel Bulerín Ramos, Jorge Navarro Suárez, Luis “Junior” Pérez Ortiz, Waldemar Quiles Rodríguez, Gabriel Rodríguez Aguiló, Ángel “Gary” Rodríguez Miranda and Héctor Torres Calderón.

The preamble to the legislative piece reads: “Over the last few years, the delay in publishing the financial statements of the Government of Puerto Rico has been constantly noted, with this last year’s delay having been longer compared with the prior years. This delay has been characterized by many as unacceptable, especially when the government has failed to give a logical explanation of the cause of the delay.

“At a time when help from the federal Congress is being requested, it is necessary to count on accurate, specific and reliable information on the finances of the Government of Puerto Rico. In addition, this information is essential for the responsible approval of the Income and Expenditure Budget of the Government of Puerto Rico.

“To avoid the aforementioned delay, the Legislature deems it necessary to establish under law the obligation of the Treasury secretary of the Government of Puerto Rico to prepare annually the latest audited financial statements on Dec. 1….”

 

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